(PharmaNewsWire.Com, January 23, 2021 ) According MarketsandMarkets™ Research - The Medical Vacuum System Market is estimated to grow at a CAGR of 6.3% to reach USD 1.6 billion by 2024 from USD 1.1 billion in 2018.
Growth Drivers in Depth:
# Technological Advancements in Vacuum Systems # Stringent Regulatory Frameworks Mandating the Use of Vacuum Systems # Increasing Number of Target Surgical Procedures Across Major Markets # Rising Number of Diagnostic Imaging Procedures
Recent Developments;
- In November 2018, Busch LLC (Germany) and Pfeiffer Vacuum Technology AG (Germany) entered into a strategic cooperation agreement in order to enhance segments such as sales & services, R&D developments, and improve the vacuum product line.
- In October 2018, ConvaTec (UK) received the US FDA 510(k) Clearance for its Avelle Negative Pressure Wound Therapy System.
- In March 2018, Atlas Copco AB (Sweden) acquired Walker Filtration for USD 38.68 million for enhancing its vacuum business.
On the basis of product type, is segmented into standalone vacuum systems, centralized vacuum systems, portable vacuum systems, and accessories. The standalone vacuum systems segment accounted for the largest share of the medical vacuum systems market in 2018. The large share of this segment can be attributed to the large end-user base for compact/standalone products, their technical advantages, and significant adoption among dental clinics and research labs.
On the basis of application, is segmented into pharma-biotech manufacturing, therapeutic applications, diagnostic applications, and research applications. Therapeutic applications are further segmented into dental, wound care, anesthesiology, and gynecology applications. The therapeutic applications segment is expected to register the highest growth rate due to the rising incidence of dental caries and other periodontal diseases, increasing use of NPWT for diabetic ulcers, and the increasing number of target medical procedures across major markets.
Geographical Scenario: North America accounted for the largest share of the medical vacuum systems market in 2018. The dominant position of this region in the medical vacuum systems industry is due to technology advancements; cleanroom mandates, manufacturing guidelines, and surgical protocols; increased number of target medical procedures and trauma cases; a growing number of end users; the rising number of diagnostic imaging procedures; and rising expenditure healthcare infrastructure in the country.
Atlas Copco AB (Sweden), Gardner Denver Holdings (US), Busch Holding GmbH (Germany), Drägerwerk AG & Co. KGaA (Germany), Asahi Kasei ZOLL Medical Corporation (Japan), Olympus Corporation (Japan), ConvaTec (UK), INTEGRA Holdings (US), Allied Healthcare Products Inc. (US), Medela AG (Switzerland), Air Techniques (US), Laerdal Medical (Norway), Precision Medical, Inc. (US), Medicop (Slovenia), and Ohio Medical Corporation (US) are some major players in the global medical vacuum systems market.
Atlas Copco AB (Sweden) is one of the leading companies in the field of medical vacuum systems and pumps. It develops, manufactures, and sells oil-lubricated rotary vane pumps, oil-sealed vacuum pumps, and other related accessories. Atlas Copco has strengthened its presence in the standalone vacuum systems market through growth strategies such as product launches, acquisitions, and expansions. For instance, during 2015–2019 the company acquired many other firms in Germany, the US, and the UK for the enhancement of its vacuum pump business. Furthermore, in 2017, Atlas Copco also inaugurated a manufacturing plant in the US in order to increase the company’s productivity in this region. Through such strong business strategies, the company is expected to witness high growth in the medical vacuum systems market in the coming years.
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